Key Moments
- EUR/JPY traded near 184.10 during European hours on Thursday after retreating from the 186.00 area.
- The 14-day Relative Strength Index stood at 56, signaling positive momentum above the 50 threshold.
- Initial support was identified at the nine-day EMA around 183.33, with deeper levels eyed down to 175.70.
EUR/JPY Holds Within Horizontal Range
EUR/JPY eased back on Thursday during European trading, changing hands around 184.10 after posting gains over the prior two sessions. The daily chart signaled an ongoing consolidation phase, with price action confined to a horizontal channel.
Despite the latest pullback, the technical backdrop still pointed to a constructive tone. The 14-day Relative Strength Index (RSI) registered 56, remaining above the 50 line and indicating that upside momentum persisted without reaching overbought territory. This reading continued to favor the potential for additional recovery within the broader range.
Momentum and Moving Averages Support Mildly Bullish Bias
Near-term direction for the cross stayed cautiously positive as EUR/JPY remained above both the nine-day and 50-day Exponential Moving Averages (EMAs). This configuration kept the broader uptrend in place, even as prices consolidated.
The nine-day EMA turned higher again, highlighting that buyers were regaining short-term control following the retreat from the 186.00 region. As long as the pair holds above these key moving averages, the technical tone is described as mildly bullish.
Upside Targets Within the Channel
From a resistance perspective, EUR/JPY was seen as having room to climb back toward the upper boundary of the horizontal channel, located near 186.00. A move beyond this area would bring the all-time high of 186.88, set on January 23, into focus as the next upside objective.
Downside Levels and Risk of Bearish Shift
On the downside, immediate technical support was identified at the nine-day EMA, around 183.33. Below that, the 50-day EMA at 182.99 represented the next important cushion for the prevailing uptrend.
A clear break beneath both of these moving averages would undermine the existing momentum profile and open the way for a test of the two-month low at 180.81, recorded on February 12. Further weakness from there would draw attention to the lower boundary of the horizontal channel around 180.10.
If selling pressure persisted beyond that zone, a bearish bias would be expected to emerge, potentially driving EUR/JPY toward the four-month low at 175.70. Such a move would mark a more pronounced shift in the technical outlook from consolidation to downside pressure.
EUR/JPY: Daily Chart
(The technical analysis of this story was written with the help of an AI tool.)
Euro Performance Against Major Currencies
The table below details the percentage change of the Euro (EUR) relative to several major currencies. Over the period observed, the Euro showed its weakest performance against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.03% | 0.22% | -0.31% | -0.02% | 0.08% | 0.18% | 0.03% | |
| EUR | -0.03% | 0.19% | -0.31% | -0.05% | 0.05% | 0.15% | 0.00% | |
| GBP | -0.22% | -0.19% | -0.51% | -0.25% | -0.14% | -0.04% | -0.19% | |
| JPY | 0.31% | 0.31% | 0.51% | 0.29% | 0.40% | 0.47% | 0.35% | |
| CAD | 0.02% | 0.05% | 0.25% | -0.29% | 0.11% | 0.20% | 0.05% | |
| AUD | -0.08% | -0.05% | 0.14% | -0.40% | -0.11% | 0.10% | -0.05% | |
| NZD | -0.18% | -0.15% | 0.04% | -0.47% | -0.20% | -0.10% | -0.14% | |
| CHF | -0.03% | -0.00% | 0.19% | -0.35% | -0.05% | 0.05% | 0.14% |
These percentage changes represent the move of the base currency listed in the left-hand column relative to the quote currency at the top of each column. For instance, selecting the Euro from the left column and then reading across to the US Dollar column shows the percentage change for EUR (base)/USD (quote).
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
